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What are Demonstrative and Residuary Devises?
A demonstrative devise is a general gift that is payable from a specified source. For example, Mario leaves his brother Luigi a gift of $25,000 from his Bank of Mushroom Kingdom savings account or Mario leaves Luigi a gift of any three plungers in Mario’s extensive plunger collection. A residuary devise is a gift of…
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What are the Types of Devises?
There are several different types of devises: general, specific, demonstrative, and residuary. A general devise is a gift of a specified quantity or value that is to be made from any property of that type. For example, if Ward leaves his son Beaver a gift of $10,000, that is a general devise and may be…
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What Is a Devise in My Estate Plan?
Estate planning has uncommon terms. Some of the words may also be homophones—words that are pronounced the same but have different meanings and spellings. For example, an heir is a person entitled under state law to receive money or property from another person when that person dies. In contrast, air is an invisible gaseous substance.…
Category: Devise
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